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New matters re:-TAXES —

contributed by-Cortified General 7 Accountant Association of B. G.. :

— file —- is the. ‘Revenue

Canada name for an electronic . filing process which has been © expanded | . Tesidents’ 1991 returns. If you decide to E-file, your return will

include “B.C.

go. ‘directly. from. your: CGA’s

- computer to’ the Revenue Canada:

Taxation “Computer | ‘over a

a telephone line. ~

‘oFederal. ‘surtax — the 3% - surtax on high incomes has been The

raised to 5% for 1991. threshold above which it applics.

has been lowered from $15, 000° :

to $12, 500.

B.C. Temporary’ Suriax, - a aa there is a new 10% surtax on. B.C. tax -in excess of $9,000 - applicable to the 1991 through — 1994

taxation _years. It is. reduced by a $50 non-refundable tax credit for each dependent.

*New "measures — for. the disabled — |

a)the disability tax credit has .

been increased to $700;

b)attendant care costs of up to.

$5,000 not deductible against employment income, qualify for the medical expense tax credit. c)home modifications, designed to provide access to the home, ‘or rooms within it,

mobility restrictions . but ‘not

‘confined to a wheelchair, qualify |

-for the medical ‘expense tax credit,

d)businesses are how allowed a 100% write off in the year of —

installation for modifications to their premises designed to

accommodate disabled persons, —

whether customers or employees. e)recipients of lump sum C.P.P.

disability benefits may spread the amount over the years to. which it relates as opposed to |

reporting the, whole amount in the year of receipt.

to ‘the - persons with permanent, severe.

RRSP. CONTRIBUTIONS _ MADE EASIER |

Ask) your “RRSP. Specialists about | . the AGGUMULATOR Retirement At _Investment C ertifi cate. . -

»

| eankot Montreal - Wer re ‘Paying Attention _

a - 1666. ‘Lakelse. Avenue ~ = ! Bs, .. Terrace, BC a met! 038: 1131 ee ee

oa

‘We can help y you choose the RRSP that’s right for you,"

"The Mutual Group has'a full Hi range of Registered Retirement Savings Plari Investments. Letus help — you make the choice that’s best for your needs.

Skeena Mall —

Terrace

ph. 635-2387 . uw The Mutual Group. Lemania ne Canclil . Facing Tomorrow tnvesico Ine. two of The Mutuat Group: a Together

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Borrower beware...- : more to mortgage costs than meets the eye |

| “contributed by the Society of Notarles Public”

- Purchasing a home usually means arranging a new mortgage. As you consider your mortgage options, don’t overlook the. added .]--costs that can: amount to a surprising sum for the unprepared. ° ~ Prospective borrowers should make themselves aware of a number of costs that are associated with obtaining a mortgage — “collective : ~ dy they can add wp ‘to thousands of dollars. 7

ou For: personal service, call: ‘OF drop: In and. $60 us.Poo a}:

Ta Slips By what date should one have received all T-4 alips from employers? : If you don’t have a T-4 slip by the second week in March, contact that employer. immediately.

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‘Notarial or egal fees — the cost to have: a Notary Public or

lawyer prepare and register the mortgage varies depending on the

_| amount of the mortgage. Expect to pay between $100 and $450 in. . ad addition to the fee for conveying title. — the higher the mortgage

amount, the higher the fee.

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-Notarial or ‘legal disbursements — in addition to ite feels, you'll . pay certain disbursements such as title search and title agent fees . “as well as the registration fee to file the mortgage. (and any title -

transfer), in the Land Title. Office.

Application and/or apprattal fee — lenders usually collect a fee: to process the application for a morigage to cover * credit checks, :

property appraisal, etc.

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- Surveyor’s fee — most lenders require a certificate from; a B. C.. Land Surveyor to confirm that all buildings are within the-lot: — boundaries. An existing survey certificate from a previous mortgage * on. the property may reduce the cost, but one. may not be available, - .

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Tax holdback - —_ lenders’ may withhold ; a portion of the , mortgage | ;

funds to be applied to the following. year’s property taxes.

- Interest adjustments - — some lenders hold back part of the | mortgage funds to pay interest from the date the money is loaned _ to the actual start date of the mortgage (interest. adjustment date). .

Broker fees — although n not noimally used in mainstream residen-

tial mortgaging, a mortgage broker may be hired to find a lender and will charge fees for services. You may also owe a finder’ 8 fee - to the person who referred you to the-broker.

Mortgage insurance fee — if the mortgage amount is greater than — 75% of the property value, then a repayment insurance fee is

charged of up to 2 3% of the mortgage amount.

CARLYLE SHEPHERD & CO _ CHARTERED ACCOUNTANTS

"The Tax Professionals’ "

e e Financial Planning» | @ Income Tax Planning | _@ Income Tax Returns Prepared - -@GST Planning/Recoveries

_.In Terrace, contact: JOHN G. McMYNN cA. ERNIE DUSDAL CMA. 2nd floor: :

“4544 Lakelse Ave., Terrace: a Phone 635-6126 |